HFF secures $20M refinancing for River Terrace Gardens Apartments in northeast New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $20 million refinancing for River Terrace Gardens Apartments, (top left photo) a 379-unit multifamily community in River Edge, New Jersey.



Working exclusively on behalf of River Terrace Gardens Associates, HFF senior managing director Thomas Didio (bottom right photo) and real estate analyst Michael Oliver placed the 10-year, fixed-rate loan with Freddie Mac.



HFF will also service the loan. HFF is a Freddie Mac licensed Program Plus Seller/Servicer. The Borrower was represented by Richard Kahn and Thomas Cangialosi of Hackensack, New Jersey-based law firm, Winne, Banta, Hetherington, Basralian & Kahn.


River Terrace Gardens Apartments is located at 144 Bogert Road off of State Route 4 close to the George Washington Bridge in the northeast New Jersey town of River Edge. The 97% leased property has one-, two- and three-bedroom units averaging 844 square feet each. Community amenities include laundry rooms and covered parking.

“River Terrace Gardens has historically maintained an occupancy rate in the high 90’s in part due to its physical quality and location just off State Route 4, with an abundance of commercial and retail amenities,” said Didio.

Contacts:
Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com